November 5th, 2008
By: Ashley
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It's November 5th, 2008 and time for our Angel Pair Picks!
We have several indications of trades today, but we are only going to place trades on two pairs today.
Our trading methods indicate potential shorts on EUR/USD, AUD/USD, GBP/USD, USD/CAD and USD/JPY. Also, there is indication of potential longs on the USD/CHF, and USD/CAD.
Notice that our methods indicate both long and short positions for the USD/CAD. What this tells us, is that it is not very clear which way the market will move with those pairs. So we are simply going to stand aside on them. Sometimes the best trades are the trades you DON'T take.
The two trades we decided to place were shorts on the USD/JPY and EUR/USD.
For the Yen, we placed two, 1-lot sell stop orders at 97.75 with initial stop losses set at 99.87. For the first lot, we placed a Take Profit order at 96.75. If the orders are executed, we will place a trailing stop on the second lot to capture as much of the move as possible.
For the Euro, we placed two, 1-lot sell stop orders at 1.2883 with initial stop losses set at 1.3016. For the first lot, we placed a Take Profit order at 1.2789. If the orders are executed, we will place a trailing stop on the second lot.
Check back tomorrow to see how our picks make out! Let us know how YOUR trading is doing!
IMPORTANT NOTE: These are not Forex picks nor Forex recommendations. This information is provided for educational and informational purposes only. Use this information at your own risk. You MUST apply your own trading methods and your own opinions to an Angel Pair Pick to determine if a trade should be considered. Also, you do not need to trade all of the Angel Pair Pick pairs, nor should you. There's no need to place more than a few trades on any given day and our recommendation is when you get to 6 open positions, don't add any more trades until one of them is closed out.
Note: Forex, futures, stock, and options trading is not appropriate for everyone. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using Angel Pair Picks will generate profits or ensure freedom from losses.
